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A depressing, long-term vision of the future from the chief executive of one of the world’s largest shippers. He sees a Europe gripped in a spiral of low growth and underinvestment, while in the US a new class of permanently poor is emerging which will rely on government hand-outs for survival. The Anglo-Dutch company has sought to mitigate this by reducing its exposure to mature markets in favour of emerging markets, which now account for some 55% of its revenues.